On Tuesday oil quotes switched from a fall to a rise. Brent on December contracts is trading at $49.1 per barrel and WTI with December delivery going for $46.4 a barrel.
This week’s oil prices are up only slightly due to the lack of reasons for growth. The market is awaiting the American oil institute statistical data to come out, along with that from the EIA and Baker Hughes on oil reserves in the US and also the number of drilling rigs. According to preliminary data, speculators are expecting a growth in reserves by 2.664 million barrels to 482.664 million barrels. If this is correct, oil is awaiting a fall.
There are no reasons to see oil price growth for the moment. We believe that the quotes will resume their fall in the coming days.